Insights

Lazard’s Quarterly Review of Shareholder Activism: Q3 2017

Lazard’s Quarterly Review of Shareholder Activism compiles and analyzes data on key activism trends globally.

 

 

Key observations from the third quarter of 2017 include:

 

Activists continue to deploy record amounts of capital in 3Q 2017, leveraging their credibility with traditional investors to attack the largest companies globally

 

Activist campaigns continue to result in CEO turnover, an ongoing theme throughout 2017

 

As activists pursue larger and better-resourced targets, companies have shown a willingness to fight back

 

Passive managers, continuing to win the lion’s share of equity fund flows, have used their expanding influence to voice their priorities for corporate governance

 

Proxy season developments included institutional investor pushback against dual share classes and further adoption of proxy access

 

Additional highlights from the review:

 

M&A remains a focal point for shareholder activist pressure 

 

US activists are allocating more capital to European campaigns

 

2017 activist campaign activity is in line with 2016 pace

 

Board representation remains a frequent goal of campaigns, with activists obtaining seats at a pace that tracks 2014-15 levels and several seats currently play

 

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